Thanks for the Democracy Now interview! His description of "tech layoffs" is the most concise framing I've heard to describe what I've felt about it:

"Cosmetic offering to the financial markets to show that Silicon Valley still can control its labor costs... It's less the future flow of funds is improved ... than that they're signaling something to the markets ..."

https://youtu.be/j7jPzzjbVuk?si=YSbUW8h2mNktzj_9&t=634